2024
DOI: 10.1111/irfi.12451
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Which dimensions of culture matter for central bank independence? International evidence

Tong Fang

Abstract: In this paper, we examine the relationship between Hofstede national cultures and de jure central bank independence. We propose theoretical hypotheses to explain how cultural dimensions determine central bank independence and test these hypotheses using an international dataset. We find that two cultural dimensions, namely, individualism and uncertainty avoidance, are significantly related to central bank independence. Central bank independence is higher in collectivistic and uncertainty avoidance countries. W… Show more

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